H.R. 2041

To modify the definition of fiduciary under the Employee Retirement Income Security Act of 1974 to exclude appraisers of employee stock ownership plans.

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I

113th CONGRESS

1st Session

H. R. 2041

IN THE HOUSE OF REPRESENTATIVES

May 17, 2013

Mr. Guthrie (for himself, Mr. Loebsack, and Ms. Jenkins) introduced the following bill; which was referred to the Committee on Education and the Workforce

A BILL

To modify the definition of fiduciary under the Employee Retirement Income Security Act of 1974 to exclude appraisers of employee stock ownership plans.

1.

Fiduciary exclusion

Section 3(21)(A) of the Employee Retirement Income and Security Act of 1974 (29 U.S.C. 1002(21)(A)) is amended by inserting and except to the extent a person is providing an appraisal or fairness opinion with respect to qualifying employer securities (as defined in section 407(d)(5)) included in an employee stock ownership plan (as defined in section 407(d)(6)), after subparagraph (B),.